Stoneridge Investment Partners LLC Invests $457,000 in Cree, Inc. (NASDAQ:CREE)
Stoneridge Investment Partners LLC purchased a new stake in shares of Cree, Inc. (NASDAQ:CREE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 18,555 shares of the LED producer’s stock, valued at approximately $457,000.
Several other institutional investors have also recently made changes to their positions in CREE. BlackRock Inc. increased its position in shares of Cree by 13,401.9% in the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after buying an additional 8,020,340 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Cree by 17.9% in the first quarter. Dimensional Fund Advisors LP now owns 6,886,898 shares of the LED producer’s stock valued at $184,088,000 after buying an additional 1,043,768 shares during the period. Norges Bank purchased a new position in shares of Cree during the fourth quarter valued at about $14,662,000. Robecosam AG purchased a new position in shares of Cree during the first quarter valued at about $7,355,000. Finally, First Trust Advisors LP increased its position in shares of Cree by 199.1% in the first quarter. First Trust Advisors LP now owns 322,721 shares of the LED producer’s stock valued at $8,626,000 after buying an additional 214,816 shares during the period. 86.27% of the stock is owned by institutional investors.
Shares of Cree, Inc. (NASDAQ CREE) opened at 22.98 on Friday. Cree, Inc. has a one year low of $20.75 and a one year high of $31.64. The firm has a 50-day moving average of $25.31 and a 200-day moving average of $25.32. The firm’s market capitalization is $2.24 billion.
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CREE has been the subject of several research analyst reports. Roth Capital reaffirmed a “buy” rating and issued a $29.00 price objective (up previously from $27.00) on shares of Cree in a report on Tuesday, June 20th. Zacks Investment Research raised shares of Cree from a “strong sell” rating to a “hold” rating in a report on Tuesday, June 27th. JMP Securities raised shares of Cree from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $23.81 to $29.00 in a report on Monday, May 22nd. Deutsche Bank AG reaffirmed a “hold” rating and issued a $24.00 price objective (down previously from $28.00) on shares of Cree in a report on Saturday, April 29th. Finally, BidaskClub raised shares of Cree from a “hold” rating to a “buy” rating in a report on Wednesday, July 12th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have issued a buy rating to the stock. Cree presently has a consensus rating of “Hold” and a consensus target price of $25.00.
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
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